Max New York Life launches a new ULIP, Smart Assure

Max New York Life Insurance launches a new ULIP to provide customers with higher returns on investments.

Apnainsurance.com Research Bureau

01 Sep 2008

Max New
York Life Insurance launches a new Unit-Linked Insurance Product (ULIP) targeted
at customers who are expecting a higher returns on higher investments.

Smart
Assure, the new product offers dual-benefit of protection of life and an opportunity
to create wealth over a long-term. It also has unique features of flexibility
which the customer can use to handle complex financial situations by switching
funds.

The policy-holder has the option to allocate up to
100 per cent of premium paid beyond specified premium bracket. The allocation
charges decrease with the increase in premium. There are no allocation charges
levied on premiums upward of Rs. 3 lakhs.

It also offers an option of increasing premium
option. The customer can increase the annual premium by 5 per cent of the
initial premium on each policy year. Accordingly, the sum assured increases by 5
per cent per annum, without any additional underwriting.

The product is available to customers who are 91
days old to those who are aged 75 years. Flexible options are available for
choosing the policy term. The policy term ranges between 10 years to 30 years
with regular payment terms. The minimum premium which can be paid is Rs.
20,000.

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